Sun Communities, Inc. (SUI)
NYSE:SUI
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Sun Communities
(NYSE:SUI)
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Rating:67Neutral
Price Target:
$134.00
â–²(10.28% Upside)
Action:Reiterated
Date:06/02/26
The score is driven primarily by improved profitability and a significantly better leverage profile, tempered by weak cash-to-earnings conversion and year-to-year volatility. Valuation is a clear positive (low P/E and high dividend yield), while technical signals are currently soft and corporate events add near-term uncertainty due to divestiture-related write-down and execution risk.
Positive Factors
Market Leadership & Scale
Sun's scale across ~179,000 sites and 515 properties gives durable competitive advantages: bargaining power on services/capex, diversified cash flows across many communities, and efficiency in operations and maintenance. Scale supports long-term expansion and resilience to local demand shocks.
Negative Factors
Weak Cash Conversion
Operating cash flow covering only ~28% of net income signals low earnings quality and limited internally generated liquidity. For a capital-intensive REIT, weak cash conversion constrains self-funding for capex, development and dividends, increasing dependence on external financing over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Market Leadership & Scale
Sun's scale across ~179,000 sites and 515 properties gives durable competitive advantages: bargaining power on services/capex, diversified cash flows across many communities, and efficiency in operations and maintenance. Scale supports long-term expansion and resilience to local demand shocks.
Read all positive factors
Sun Communities (SUI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$14.85B
Dividend Yield6.34%
Average Volume (3M)874.77K
Price to Earnings (P/E)10.7
Beta (1Y)0.17
Revenue Growth-22.34%
EPS Growth1635.86%
CountryUS
Employees6,491
SectorReal Estate
Sector Strength53
IndustryREIT - Residential
Share Statistics
EPS (TTM)11.01
Shares Outstanding123,230,760
10 Day Avg. Volume1,044,207
30 Day Avg. Volume874,773
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)2.19
Price to Sales (P/S)6.71
P/FCF Ratio17.91
Enterprise Value/Market Cap1.27
Enterprise Value/Revenue8.11
Enterprise Value/Gross Profit15.84
Enterprise Value/Ebitda26.85
Forecast
1Y Price Target
$140.67Price Target Upside15.77% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering13
EPS Forecast (FY)2.47
Revenue Forecast (FY)$2.32B
Sun Communities Business Overview & Revenue Model
Company Description
Sun Communities, Inc. is a REIT that, as of March 31, 2022, owned, operated, or had an interest in a portfolio of 603 developed MH, RV and marina properties comprising nearly 159,300 developed sites and over 45,700 wet slips and dry storage spaces...
How the Company Makes Money
Sun Communities makes money primarily through recurring real estate revenues from its MH and RV communities and its marina portfolio. In MH communities, the core revenue stream is long-term site rent paid by residents who typically own their manuf...
Sun Communities Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 27, 2026
Earnings Call Sentiment Positive
The call emphasized strong operational execution, beat-to-guidance results, meaningful balance sheet improvement, sizable capital returns, and continued strategic investments in technology and operations. These positives are tempered by near-term challenges in the RV transient business, UK expense/macro pressures (including minimum wage impacts), and conservative 2026 guidance that excludes incremental acquisitions or buybacks. Overall, management presents a constructive, disciplined growth strategy with clear remediation plans for underperforming areas.Positive Updates
FFO Per Share Beats Guidance
Core FFO per share was $1.40 for Q4 (beat the high end of guidance by $0.10) and $6.68 for full-year 2025 (beat the high end by $0.01). 2026 full-year core FFO per share guidance midpoint is $6.93 (range $6.83–$7.03) with Q1 2026 guided to $1.28.
Negative Updates
RV Segment Pressure and Full-Year Decline
RV same-property NOI declined 1.4% for the full year 2025 (within guidance). Transient RV revenue fell ~9% in 2025 year-over-year, and 2026 guidance assumes a ~1.5% decline in transient revenue at the midpoint. 2026 RV same-property NOI growth is modestly guided to ~0.9% (midpoint).
Read all updates
Q4-2025 Updates
Positive
Negative
FFO Per Share Beats Guidance
Core FFO per share was $1.40 for Q4 (beat the high end of guidance by $0.10) and $6.68 for full-year 2025 (beat the high end by $0.01). 2026 full-year core FFO per share guidance midpoint is $6.93 (range $6.83–$7.03) with Q1 2026 guided to $1.28.
Read all positive updates
Company Guidance
Management guided full-year 2026 core FFO per share to a $6.93 midpoint (range $6.83–$7.03) and Q1 2026 to $1.28 at the midpoint; they forecast North American same‑property NOI growth of ~4.5% (manufactured housing +5.9%, RV +0.9%) and UK same‑property NOI of ~2.2%, with FFO from UK home sales ~ $50M at the midpoint. Key operating assumptions include ~5% MH rent growth, MH occupancy gains of ~500–600 sites (MH occupancy ~98.1%), ~4% annual RV rent growth, ~600 transient-to-annual RV conversions, and transient RV revenue down ~1.5% at the midpoint (improving from a 9% decline in 2025). Guidance reflects completed acquisitions/dispositions and capital markets activity through Feb. 24, does not assume future acquisitions or share repurchases, and sits alongside a strong balance sheet (year‑end cash ~$636M, net debt/EBITDA 3.4x; long‑term leverage target 3.5x–4.5x).Sun Communities Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
74
Positive
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.32B | 2.31B | 3.20B | 3.18B | 2.93B | 2.26B |
| Gross Profit | 1.19B | 213.50M | 1.50B | 1.49B | 1.42B | 1.15B |
| EBITDA | 700.90M | 683.80M | 1.10B | 771.60M | 1.11B | 1.10B |
| Net Income | 1.40B | 1.37B | 89.00M | -213.30M | 242.00M | 380.20M |
Balance Sheet | ||||||
| Total Assets | 12.36B | 12.52B | 16.55B | 16.94B | 17.08B | 13.49B |
| Cash, Cash Equivalents and Short-Term Investments | 636.10M | 636.10M | 47.40M | 29.20M | 200.10M | 252.70M |
| Total Debt | 4.22B | 1.83B | 7.35B | 7.78B | 7.13B | 5.60B |
| Total Liabilities | 5.41B | 5.33B | 9.36B | 9.77B | 9.20B | 6.76B |
| Stockholders Equity | 6.84B | 7.07B | 7.08B | 7.08B | 7.81B | 6.62B |
Cash Flow | ||||||
| Free Cash Flow | 884.10M | 864.20M | 888.80M | 807.90M | 752.20M | 770.50M |
| Operating Cash Flow | 884.10M | 864.20M | 888.80M | 807.90M | 752.20M | 770.50M |
| Investing Cash Flow | 4.82B | 4.93B | -295.20M | -935.00M | -3.08B | -2.35B |
| Financing Cash Flow | -5.32B | -5.22B | -571.60M | 78.40M | 2.35B | 1.57B |
Sun Communities Technical Analysis
Negative
121.51
Price Trends
126.12
Negative
127.58
Negative
125.55
Negative
Market Momentum
-1.27
Positive
45.14
Neutral
15.08
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SUI, the sentiment is Negative. The current price of 121.51 is below the 20-day moving average (MA) of 123.64, below the 50-day MA of 126.12, and below the 200-day MA of 125.55, indicating a bearish trend. The MACD of -1.27 indicates Positive momentum. The RSI at 45.14 is Neutral, neither overbought nor oversold. The STOCH value of 15.08 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SUI.
Sun Communities Risk Analysis
Sun Communities disclosed 41 risk factors in its most recent earnings report. Sun Communities reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Sun Communities Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $11.63B | 25.49 | 6.65% | 3.81% | 5.40% | 14.43% | |
72 Outperform | $18.46B | 31.87 | 10.35% | 3.98% | 5.27% | -14.94% | |
68 Neutral | $12.32B | 31.08 | 22.01% | 3.29% | 0.46% | 2.94% | |
67 Neutral | $14.85B | 10.73 | 19.80% | 6.34% | -22.34% | 1635.86% | |
66 Neutral | $15.81B | 40.91 | 6.78% | 4.42% | 0.77% | -31.36% | |
66 Neutral | $14.72B | 30.25 | 8.86% | 3.90% | 1.45% | 230.03% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
* Real Estate Sector Average
SUI
Sun Communities
122.69
2.02
1.67%
ELS
Equity Lifestyle
61.82
1.19
1.97%
MAA
Mid-America Apartment
136.87
-6.37
-4.45%
ESS
Essex Property
284.61
17.20
6.43%
CPT
Camden Property
112.01
0.82
0.74%
AMH
American Homes
32.92
-2.55
-7.20%
Sun Communities Corporate Events
Business Operations and StrategyM&A Transactions
Sun Communities Highlights Strategy as Pure-Play MH and RV Operator
Positive
Jun 1, 2026
Sun Communities on June 1, 2026 began distributing a new investor presentation that underscores its strategy to become a pure-play North American manufactured housing and RV operator, following the planned sale of its U.K.-based Park Holidays busi...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Sun Communities Exits U.K. Operations in Strategic Sale
Negative
May 21, 2026
On May 21, 2026, Sun Communities’ operating partnership agreed to sell all of its U.K. business, including holiday park operator Park Holidays, to an affiliate of Aermont Capital in an all-cash deal valuing the assets at £768 million, o...
Executive/Board ChangesShareholder Meetings
Sun Communities Shareholders Back Board, Pay and Auditor
Positive
May 18, 2026
Sun Communities, Inc. reported the results of its Annual Meeting of Shareholders held on May 12, 2026, where investors elected nine directors to serve until the 2027 Annual Meeting, including Chair and CEO Gary A. Shiffman and other incumbent boar...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Sun Communities Issues Cautious Investor Presentation on Outlook
Neutral
May 4, 2026
Sun Communities, Inc. is a real estate investment trust and the largest publicly traded owner and operator of manufactured housing and recreational vehicle communities, with about 179,000 sites across 515 properties in North America and the U.K. I...
Business Operations and StrategyExecutive/Board Changes
Sun Communities Names John McLaren Chief Operating Officer
Positive
Mar 9, 2026
On March 9, 2026, Sun Communities, Inc. appointed its current president, John B. McLaren, as chief operating officer, expanding his remit to direct oversight of the operations team and marking a return to a role he previously held from 2008 to 202...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.